Marshall Wace LLP lowered its position in Colgate-Palmolive (NYSE:CL) by 6.4% in the 2nd quarter, Holdings Channel reports. The fund owned 115,883 shares of the company’s stock after selling 7,895 shares during the period. Marshall Wace LLP’s holdings in Colgate-Palmolive were worth $7,510,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CL. Massachusetts Financial Services Co. MA increased its holdings in Colgate-Palmolive by 11.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 32,560,326 shares of the company’s stock worth $2,110,235,000 after acquiring an additional 3,397,667 shares during the last quarter. Old Mutual Global Investors UK Ltd. increased its holdings in Colgate-Palmolive by 636.9% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 3,463,287 shares of the company’s stock worth $248,248,000 after acquiring an additional 2,993,298 shares during the last quarter. Charles Schwab Investment Advisory Inc. purchased a new stake in Colgate-Palmolive in the 2nd quarter worth about $173,852,000. Bank of New York Mellon Corp increased its holdings in Colgate-Palmolive by 8.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,135,385 shares of the company’s stock worth $1,304,974,000 after acquiring an additional 1,596,825 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Colgate-Palmolive by 3.0% in the 1st quarter. BlackRock Inc. now owns 53,953,299 shares of the company’s stock worth $3,867,373,000 after acquiring an additional 1,592,608 shares during the last quarter. 74.81% of the stock is owned by institutional investors.
In other Colgate-Palmolive news, VP Justin Skala sold 90,069 shares of Colgate-Palmolive stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $66.36, for a total transaction of $5,976,978.84. Following the completion of the transaction, the vice president now owns 65,061 shares of the company’s stock, valued at approximately $4,317,447.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Philip G. Shotts sold 462 shares of Colgate-Palmolive stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $67.05, for a total value of $30,977.10. Following the transaction, the vice president now directly owns 41,250 shares of the company’s stock, valued at approximately $2,765,812.50. The disclosure for this sale can be found here. Insiders have sold a total of 415,279 shares of company stock valued at $27,384,156 in the last ninety days. Insiders own 1.02% of the company’s stock.
Colgate-Palmolive (NYSE:CL) last posted its earnings results on Friday, July 27th. The company reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. The business had revenue of $3.89 billion during the quarter, compared to analyst estimates of $3.91 billion. Colgate-Palmolive had a return on equity of 2,494.79% and a net margin of 13.97%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. sell-side analysts expect that Colgate-Palmolive will post 3.02 EPS for the current fiscal year.
Colgate-Palmolive declared that its Board of Directors has approved a stock buyback program on Monday, June 18th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to reacquire up to 9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Friday, October 19th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Thursday, October 18th. Colgate-Palmolive’s payout ratio is presently 58.54%.
CL has been the subject of several recent research reports. Citigroup decreased their price objective on Colgate-Palmolive from $70.00 to $68.00 and set a “neutral” rating for the company in a report on Tuesday, July 31st. Wells Fargo & Co lowered Colgate-Palmolive to a “hold” rating in a report on Tuesday, July 17th. Morgan Stanley decreased their price objective on Colgate-Palmolive from $69.00 to $67.00 and set an “equal weight” rating for the company in a report on Thursday, June 21st. Stifel Nicolaus decreased their price objective on Colgate-Palmolive from $75.00 to $73.00 and set a “hold” rating for the company in a report on Monday, July 23rd. Finally, ValuEngine raised Colgate-Palmolive from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. Colgate-Palmolive currently has a consensus rating of “Hold” and a consensus price target of $72.14.
Colgate-Palmolive Company Profile
Colgate-Palmolive Company, together with its subsidiaries, manufactures and sells consumer products worldwide. It operates through two segments, Oral, Personal and Home Care; and Pet Nutrition. The company offers oral care products, including toothpastes, toothbrushes, and mouthwashes, as well as pharmaceutical products for dentists and other oral health professionals; personal care products comprising bar and liquid hand soaps, shower gels, shampoos, conditioners, and deodorants and antiperspirants; and home care products, such as laundry and dishwashing detergents, fabric conditioners, household cleaners, and other related products.
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